Synovus Financial (SNV) 8-K Synovus Announces Earnings for the First Quarter

Exhibit 99.2

Synovus

  INCOME STATEMENT DATA

  (Unaudited)

(In thousands, except per share data)		2015			2014								1st Quarter
		First Quarter			Fourth Quarter		Third Quarter		Second Quarter		First Quarter		‘15 vs. ‘14 Change
Interest income	$		231,401			234,703		233,394		232,213		228,382		1.3	%
Interest expense			28,138			27,248		27,131		27,162		27,868		1.0
Net interest income			203,263			207,455		206,263		205,051		200,514		1.4
Provision for loan losses			4,397			8,193		3,843		12,284		9,511		(53.8)
Net interest income after provision for loan losses			198,866			199,262		202,420		192,767		191,003		4.1
Non-interest income:
Service charges on deposit accounts			19,133			20,287		20,159		19,238		19,214		(0.4)
Fiduciary and asset management fees			11,571			11,690		11,207		11,296		11,033		4.9
Brokerage revenue			7,251			6,887		7,281		6,707		6,213		16.7
Mortgage banking income			6,484			4,895		4,665		5,283		3,511		84.7
Bankcard fees			8,077			8,536		8,182		8,695		7,518		7.4
Investment securities gains, net			725			-		-		-		1,331		(45.5)
Other fee income			5,246			4,635		4,704		4,928		4,863		7.9
Gain on sale of Memphis branches, net(1)			-			-		-		-		5,789		nm
Other non-interest income			7,367			7,619		7,787		7,241		10,710		(31.2)
Total non-interest income			65,854			64,549		63,985		63,388		70,182		(6.2)
Non-interest expense:
Salaries and other personnel expense			96,488			92,049		93,870		92,540		93,445		3.3
Net occupancy and equipment expense			26,172			26,370		26,956		26,425		26,056		0.4
Third-party processing expense			10,343			10,437		10,044		9,464		10,097		2.4
FDIC insurance and other regulatory fees			6,957			8,262		8,013		8,049		9,719		(28.4)
Professional fees			5,594			8,013		2,526		8,224		7,677		(27.1)
Advertising expense			3,443			8,102		7,177		6,281		2,477		39.0
Foreclosed real estate expense, net			9,496			6,502		9,074		4,063		5,681		67.2
Visa indemnification charges			375			310		1,979		356		396		(5.3)
Litigation settlement expenses(2)			-			463		12,349		-		-		-
Restructuring charges, net			(107)			3,484		809		7,716		8,577		nm
Other operating expenses			20,147			20,891		20,952		19,087		20,036		0.6
Total non-interest expense			178,908			184,883		193,749		182,205		184,161		(2.9)
Income before income taxes			85,812			78,928		72,656		73,950		77,024		11.4
Income tax expense			31,849			25,757		25,868		27,078		28,608		11.3
Net income			53,963			53,171		46,788		46,872		48,416		11.5
Dividends on preferred stock			2,559			2,559		2,559		2,559		2,559		-
Net income available to common shareholders	$		51,404			50,612		44,229		44,313		45,857		12.1	%
Net income per common share, basic (3)	$		0.38			0.37		0.32		0.32		0.33		15.4	%
Net income per common share, diluted(3)			0.38			0.37		0.32		0.32		0.33		15.2
Cash dividends declared per common share(3)			0.10			0.10		0.07		0.07		0.07		42.9
Return on average assets			0.80	%		0.79		0.70		0.71		0.75		6.7
Return on average common equity			7.16			6.89		5.97		6.14		6.52		9.8
Weighted average common shares outstanding, basic (3)			134,933			137,031		139,043		138,991		138,932		(2.9)	%
Weighted average common shares outstanding, diluted (3)			135,744			137,831		139,726		139,567		139,504		(2.7)

nm - not meaningful

* - ratios are annualized

(1) Consists of gain, net of associated costs, from the 1Q14 sale of certain loans, premises, deposits, and other assets and liabilities of the Memphis, Tennessee branches of Trust One Bank, a division of Synovus Bank.

(2) Amounts consist of litigation settlement expenses with respect to certain legal matters.

Amounts for other periods presented herein are not reported separately as amounts are not material.

(3) Share and per share data for 1Q14 has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014.

Synovus

BALANCE SHEET DATA		March 31, 2015	December 31, 2014	March 31, 2014
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	429,338	485,489	460,618
Interest bearing funds with Federal Reserve Bank		1,263,886	721,362	884,743
Interest earning deposits with banks		6,871	11,810	9,139
Federal funds sold and securities purchased under resale agreements		80,772	73,111	76,097
Trading account assets, at fair value		20,002	13,863	17,808
Mortgage loans held for sale, at fair value		89,245	63,328	50,390
Investment securities available for sale, at fair value		3,130,041	3,041,406	3,132,402
Loans, net of deferred fees and costs		21,106,213	21,097,699	20,159,004
Allowance for loan losses		(253,371)	(261,317)	(300,871)
Loans, net		20,852,842	20,836,382	19,858,133
Premises and equipment, net		451,843	455,235	467,375
Goodwill		24,431	24,431	24,431
Other real estate		74,791	85,472	110,757
Deferred tax asset, net		589,190	622,464	712,130
Other assets		620,532	616,878	631,403
Total assets	$	27,633,784	27,051,231	26,435,426
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	6,251,393	6,228,472	5,870,570
Interest bearing deposits, excluding brokered deposits		14,251,510	13,660,830	13,714,382
Brokered deposits		1,604,946	1,642,398	1,365,939
Total deposits		22,107,849	21,531,700	20,950,891
Federal funds purchased and securities sold under repurchase agreements		125,323	126,916	164,946
Long-term debt		2,189,769	2,140,319	2,106,980
Other liabilities		180,208	211,026	214,113
Total liabilities		24,603,149	24,009,961	23,436,930
Shareholders’ equity:
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at March 31, 2015, December 31, 2014, and March 31, 2014		125,980	125,980	125,980
Common stock - $1.00 par value. 133,929,630 shares outstanding at March 31, 2015, 136,122,843 shares outstanding at December 31, 2014, and 138,972,324 shares outstanding at March 31, 2014 (1)		140,329	139,950	139,786
Additional paid-in capital		2,976,882	2,960,825	2,976,193
Treasury stock, at cost - 6,399,177 shares at March 31, 2015, 3,827,579 shares at December 31, 2014, and 813,350 at March 31, 2014(1)		(261,402)	(187,774)	(114,176)
Accumulated other comprehensive loss, net		(3,651)	(12,605)	(30,463)
Retained earnings (deficit)		52,497	14,894	(98,824)
Total shareholders’ equity		3,030,635	3,041,270	2,998,496
Total liabilities and shareholders’ equity	$	27,633,784	27,051,231	26,435,426

(1) Share and per share data for 1Q14 has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014.

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

		2015			2014
		First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets
Taxable investment securities(2)	$		2,998,597			3,027,769			3,035,940			3,091,537			3,181,678
Yield			1.85	%		1.85			1.84			1.87			1.91
Tax-exempt investment securities(2) (4)	$		4,967			5,030			5,168			5,781			6,421
Yield (taxable equivalent)			6.21	%		6.19			6.21			6.23			6.24
Trading account assets	$		14,188			12,879			16,818			16,011			20,346
Yield			3.02	%		3.08			2.52			2.25			3.16
Commercial loans(3) (4)	$		17,176,641			16,956,294			16,603,287			16,673,930			16,451,594
Yield			4.06	%		4.09			4.17			4.19			4.21
Consumer loans(3)	$		3,929,188			3,895,397			3,814,160			3,695,010			3,628,347
Yield			4.45	%		4.42			4.44			4.51			4.53
Allowance for loan losses	$		(257,167	)		(268,659	)		(274,698	)		(293,320	)		(307,078	)
Loans, net(3)	$		20,848,662			20,583,032			20,142,749			20,075,620			19,772,863
Yield			4.19	%		4.22			4.29			4.32			4.34
Mortgage loans held for sale	$		64,507			60,892			70,766			59,678			38,699
Yield			3.92	%		3.84			3.96			4.13			4.15
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$		1,123,250			898,871			974,363			843,018			935,300
Yield			0.24	%		0.23			0.23			0.23			0.23
Federal Home Loan Bank and Federal Reserve Bank stock (5)	$		80,813			75,547			78,131			76,172			82,585
Yield			3.90	%		4.53			3.57			4.15			3.21
Total interest earning assets	$		25,134,984			24,664,020			24,323,935			24,167,817			24,037,892
Yield			3.73	%		3.78			3.81			3.86			3.86
Interest Bearing Liabilities
Interest bearing demand deposits	$		3,800,476			3,781,389			3,722,599			3,830,956			3,878,590
Rate			0.19	%		0.19			0.19			0.19			0.19
Money market accounts	$		6,210,704			6,009,897			6,044,138			6,033,523			6,077,357
Rate			0.32	%		0.29			0.29			0.31			0.32
Savings deposits	$		649,597			638,813			645,654			644,103			616,962
Rate			0.05	%		0.07			0.07			0.09			0.10
Time deposits under $100,000	$		1,324,513			1,315,905			1,335,848			1,364,322			1,423,487
Rate			0.61	%		0.57			0.56			0.57			0.59
Time deposits over $100,000	$		1,926,380			1,877,602			1,871,136			1,824,349			1,956,925
Rate			0.80	%		0.76			0.75			0.74			0.76
Brokered money market accounts	$		181,754			191,103			174,538			184,233			207,681
Rate			0.30	%		0.28			0.27			0.27			0.26
Brokered time deposits	$		1,413,068			1,411,252			1,320,082			1,216,934			1,027,167
Rate			0.63	%		0.58			0.52			0.51			0.62
Total interest bearing deposits	$		15,506,492			15,225,961			15,113,995			15,098,420			15,188,169
Rate			0.39	%		0.36			0.35			0.36			0.38
Federal funds purchased and securities sold under repurchase agreements	$		222,658			186,993			171,429			219,490			215,027
Rate			0.08	%		0.07			0.08			0.13			0.14
Long-term debt	$		2,207,215			2,084,636			2,142,705			2,099,578			2,156,836
Rate			2.41	%		2.55			2.54			2.58			2.52
Total interest bearing liabilities	$		17,936,365			17,497,590			17,428,129			17,417,488			17,560,032
Rate			0.63	%		0.62			0.62			0.62			0.64
Non-interest bearing demand deposits	$		6,108,558			6,110,047			5,824,592			5,765,287			5,537,090
Effective cost of funds			0.45	%		0.44			0.44			0.45			0.47
Net interest margin			3.28	%		3.34			3.37			3.41			3.39
Taxable equivalent adjustment	$		349			372			408			443			455
(1)  Yields and rates are annualized. (2)  Excludes net unrealized gains and losses. (3)  Average loans are shown net of unearned income. Non-performing loans are included. (4)  Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 35%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis. (5)  Included as a component of Other Assets on the consolidated balance sheet

Synovus

LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

		March 31, 2015
Loan Type		Total Loans			Loans as a %   of Total Loans Outstanding				Total   Non-performing   Loans			Non-performing Loans   as a % of Total Nonperforming Loans
Multi-Family	$		1,227,449			5.8	%	$		223			0.1	%
Hotels			635,646			3.0				417			0.2
Office Buildings			1,282,294			6.1				486			0.3
Shopping Centers			876,667			4.2				5,237			2.7
Commercial Development			123,679			0.6				11,644			6.0
Warehouses			533,387			2.5				412			0.2
Other Investment Property			544,941			2.6				1,361			0.7
Total Investment Properties			5,224,063			24.8				19,780			10.2
1-4 Family Construction			153,272			0.7				297			0.2
1-4 Family Investment Mortgage			800,648			3.8				9,573			4.9
Residential Development			169,695			0.8				12,956			6.7
Total 1-4 Family Properties			1,123,615			5.3				22,826			11.8
Land Acquisition			559,337			2.6				31,444			16.2
Total Commercial Real Estate			6,907,015			32.7				74,050			38.2
Commercial, Financial, and Agricultural			6,218,171			29.4				42,060			21.6
Owner-Occupied			4,089,663			19.4				31,626			16.3
Total Commercial & Industrial			10,307,834			48.8				73,686			37.9
Home Equity Lines			1,672,038			7.9				18,933			9.7
Consumer Mortgages			1,702,388			8.1				25,351			13.1
Credit Cards			242,257			1.2				-			-
Other Retail Loans			304,049			1.4				2,212			1.1
Total Retail			3,920,732			18.6				46,496			23.9
Unearned Income			(29,368)			(0.1)				-			nm
Total	$		21,106,213			100.0	%	$		194,232			100.0	%
LOANS OUTSTANDING BY TYPE COMPARISON (Unaudited) (Dollars in thousands)
Loan Type		Total Loans March 31, 2015			December 31, 2014				1Q15 vs. 4Q14   % change(1)			March 31, 2014			1Q15 vs. 1Q14   % change
Multi-Family	$		1,227,449	��		1,205,095				7.5	%		988,290			24.2	%
Hotels			635,646			698,746				(36.6)			702,934			(9.6)
Office Buildings			1,282,294			1,192,600				30.5			964,129			33.0
Shopping Centers			876,667			881,821				(2.4)			850,649			3.1
Commercial Development			123,679			121,990				5.6			149,038			(17.0)
Warehouses			533,387			561,508				(20.3)			574,059			(7.1)
Other Investment Property			544,941			548,011				(2.3)			514,084			6.0
Total Investment Properties			5,224,063			5,209,771				1.1			4,743,183			10.1
1-4 Family Construction			153,272			148,821				12.1			141,060			8.7
1-4 Family Investment Mortgage			800,648			808,770				(4.1)			841,942			(4.9)
Residential Development			169,695			177,216				(17.2)			186,558			(9.0)
Total 1-4 Family Properties			1,123,615			1,134,807				(4.0)			1,169,560			(3.9)
Land Acquisition			559,337			575,670				(11.5)			674,511			(17.1)
Total Commercial Real Estate			6,907,015			6,920,248				(0.8)			6,587,254			4.9
Commercial, Financial, and Agricultural			6,218,171			6,224,348				(0.4)			5,960,435			4.3
Owner-Occupied			4,089,663			4,049,725				4.0			4,000,847			2.2
Total Commercial & Industrial			10,307,834			10,274,073				1.3			9,961,282			3.5
Home Equity Lines			1,672,038			1,683,998				(2.9)			1,601,757			4.4
Consumer Mortgages			1,702,388			1,694,061				2.0			1,504,213			13.2
Credit Cards			242,257			253,649				(18.2)			253,149			(4.3)
Other Retail Loans			304,049			302,460				2.1			279,785			8.7
Total Retail			3,920,732			3,934,168				(1.4)			3,638,904			7.7
Unearned Income			(29,368)			(30,790)				(18.7)			(28,436)			3.3
Total	$		21,106,213			21,097,699				0.2	%		20,159,004			4.7	%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)		2015			2014								1st Quarter
		First                 Quarter			Fourth                 Quarter		Third                 Quarter		Second       Quarter		First       Quarter		‘15 vs. ‘14      Change
Non-performing Loans	$		194,232			197,757		242,382		259,547		384,324	(49.5) %
Other Loans Held for Sale(1)			1,082			3,606		338		2,045		3,120	(65.3)
Other Real Estate			74,791			85,472		81,636		101,533		110,757	(32.5)
Non-performing Assets			270,105			286,835		324,356		363,125		498,201	(45.8)
Allowance for Loan Losses			253,371			261,317		269,376		277,783		300,871	(15.8)
Net Charge-Offs - Quarter			12,343			16,253		12,250		35,371		15,181	(18.7)
Net Charge-Offs / Average Loans - Quarter (2)			0.23	%		0.31		0.24		0.69		0.30
Non-performing Loans / Loans			0.92			0.94		1.18		1.27		1.91
Non-performing Assets / Loans, Other Loans Held for Sale & ORE			1.28			1.35		1.57		1.77		2.46
Allowance / Loans			1.20			1.24		1.31		1.36		1.49
Allowance / Non-performing Loans			130.45			132.14		111.14		107.03		78.29
Allowance / Non-performing Loans (3)			197.55			197.22		176.47		177.62		100.16
Past Due Loans over 90 days and Still Accruing	$		5,025			4,637		4,067		4,798		6,563	(23.4) %
As a Percentage of Loans Outstanding			0.02	%		0.02		0.02		0.02		0.03
Total Past Dues Loans and Still Accruing	$		57,443			51,251		72,712		60,428		75,038	(23.4)
As a Percentage of Loans Outstanding			0.27	%		0.24		0.35		0.30		0.37
Accruing Troubled Debt Restructurings (TDRs)	$		313,362			348,427		408,737		444,108		495,390	(36.7)

(1) Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value, less costs to sell.

(2) Ratio is annualized.

(3) Excludes non-performing loans for which the expected loss has been charged off.

SELECTED CAPITAL INFORMATION ⁽¹⁾

(Unaudited)

(Dollars in thousands)
		March 31, 2015			December 31, 2014		March 31, 2014
Capital Rules in effect:		Basel III			Basel I		Basel I
Tier 1 Capital	$		2,588,710			2,543,625		2,430,790
Total Risk-Based Capital			3,035,644			2,987,406		2,981,130
Common Equity Tier 1 Ratio (transitional)			10.78	%		na		na
Common Equity Tier 1 Ratio (fullyphased-in)			10.12			na		na
Tier 1 Common Equity Ratio			na			10.28		10.24
Tier 1 Capital Ratio			10.78			10.86		10.85
Total Risk-Based Capital Ratio			12.64			12.75		13.31
Tier 1 Leverage Ratio			9.65			9.67		9.46
Common Equity as a Percentage of Total Assets (2)			10.51			10.78		10.87
Tangible Common Equity as a Percentage of Tangible Assets (3)			10.43			10.69		10.78
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)			11.99			12.33		12.70
Book Value Per Common Share (4)(5)			21.69			21.42		20.67
Tangible Book Value Per Common Share (3)(5)			21.50			21.23		20.48

(1) Current quarter regulatory capital information is preliminary. March 31, 2015 regulatory capital ratios determined under Basel III capital rules.

      Prior period ratios were determined under Basel I capital rules.

(2) Common equity consists of Total Shareholders’ Equity less Preferred Stock.

(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.

(4) Book Value Per Common Share consists of Total Shareholders’ Equity less Preferred Stock divided by total common shares outstanding.

(5) Per share data for 1Q14 has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014.